Five Capital Fund I, a fund co-managed by both Kingdom Holding Company and Bpifrance Investissement, ITOCHU Corporation and Suez SA signed an agreement to acquire 65% stake in Environment Development Company.

Five Capital Fund I, a fund co-managed by both Kingdom Holding Company (SASE:4280) and Bpifrance Investissement, ITOCHU Corporation (TSE:8001) and Suez SA (ENXTPA:SEV) signed an agreement to acquire 65% stake in Environment Development Company on July 26, 2019. The transaction is subject to customary regulatory approvals including approval by the European Commission. As of December 10, 2019, the European Commission has approved the transaction.

The transaction is expected to complete by the end of the third quarter. Chris P. Rosario of Squire Patton Boggs acted as legal advisor to ITOCHU Corporation, Jones Day (UAE) acted as legal advisor to the shareholders of Environment Development, Shearman & Sterling LLP, France Division acted as legal advisor to Bpifrance Investissement SAS and Shearman & Sterling LLP in association with Dr. Sultan Almasoud & Partners acted as legal advisor to Kingdom Holding Company.